Re: Ocmd 3/27 No I have an olympus stylus 1050 SW, an arm band and a floating strap and it works great. I had to make an elastic strap to make sure it doesn't fall out of the arm band but I wear the floating strap higher on my arm so even if it did fall off its not going anywhere. I bought it at costco and I think its $200 for the camera a 1gb memory card and a case now. Its 10 megapixels but I use burst mode which takes 3 megapixel pictures. Only problem I have had with it is that the labels on the wheel which changes from video mode to camera and playback rubbed off from my gloves - not a big deal.
I would definitely recommend it if you go out with multiple people and would like to get action shots from the water.
I had a go pro digital hero 3 and it broke in like 7 different ways within a week. Junk in my opinion.
Also it looks like and works like a 10 mp camera for taking pictures aside from surfing.